NYAGATARE - A Youth Savings and Credit Cooperative Society known with the acronym COOJAD has started its operations in Nyagatare District.
The government established COOJAD with the intention of helping youth to easily access loans to create self employment.
The coordinator of the National Youth Council in the district, James Gafurama, says the youth in the area have welcomed the development.
“Since its official launch in May this year, the bank has registered tremendous support from members joining it.
We currently have close to 900 members and the biggest 70% of the clients are Umutara Polytechnic students,” he said.
Gafurama explained that the sacco’s vision is to mobilise the youth especially students to develop a savings culture.
“Now that both Umutara Polytechnic University and Nyagatare Nursing school students are getting their bursaries from the sacco, we teach them how to save some money for the purposes of attracting interest on savings. This has been much welcomed by them,” he said.
He added that the bank’s financial standing is now strong, saying they have so far collected Rwf 9million from members while a further Rwf 3 Million has been offered by the National Youth Council.
He added that another Rwf3 Million is expected from the district.
Members of COOJAD Nyagatare mainly include university students, motorcyclists and other youth who are members of different cooperatives.